AMT Question

Mortgage interest is deductable even with AMT, up to 1 million. Property taxes may not be deductable since AMT excludes state taxes.

Read this
http://www.streeteasy.com/nyc/talk/discussion/1712-mortgages-amt

I am 8, 10 and the last poster talking about cash charitable contributions.

But what about the mortgage interest underlying co-op maintenance? Is that deductible under AMT? What if you've already "maxed out" the $1 million loan amount? Would that preclude the mainenance deduction? Also, why can't accountants answer this question in a straightforward way? It drives me crazy.

Do we know what the % of deductible is? Is it like 50%? This is so confusing and I agree w/east cider...accountants can't seem to be straightforward about this.

It's typically all deductable (up to 1 million, with some nuances perhaps) but your tax benefit depends on your tax rate. So if you are in the 300K income bracket let's say, your tax benefit will be about a third of the deducted amount. So if your interest in a given month is 4500, the whole things deductable but your tax benefit might be 1500. That's real quick and dirty, and imprecise, but that's the way I undertand it. Also, if you are not subject to AMT, you might also benefit from real property tax deduction.